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WANTED TO CHECK MY BALANCE ON LR THIS AFTERNOON AND NOTICED THAT THE SITE WAS SEIZED...

DID A LITTLE DIGGING AND THIS WHAT I FOUND!

U.S. prosecutors have seized control of the digital currency exchange, a Costa Rica-based company for allegedly helping criminals around the world launder over $6 billion.

The illicit funds were linked to everything from child pornography and drug trafficking to software for hacking into banks according to U.S. prosecutors.

The US prosecutors said this is the largest international money laundering case ever brought by the United States against Liberty Reserve and seven of its principles and employees, who for years have operated one of the world’s most widely used digital currencies. But as alleged, the only liberty that Liberty Reserve gave many of its users was the freedom to commit crimes, as it became a popular hub for fraudsters, hackers and traffickers.

Liberty Reserve founder Arthur Budovsky was arrested in Spain on charges of money-laundering, as he was travelling back to Costa Rica, while others arrests were made in various countries.

Prosecutors said Liberty Reserve had over a million users worldwide and virtually all its business was related to suspected criminal activity.

Unlike Liberty Reserve, some other digital currencies require users’ identities.

Prosecutors said they had taken a step towards reigning in the “wild west of internet banking”, and analysts wonder if this could signal the start of a crack-down on other online payment systems.

NEWS ACCORDING TO: 

http://www.channelstv.com/home/2013/05/29/us-bursts-liberty-reserve-for-laundering-6-billion/

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Allstate College of Education's Campus Gist Forum

It is unarguable that in an institution commanding beautiful people with brilliant minds such as ours, there must be a platform where we commune and communicate our ideas, views and perceptions about world matters generally and our local school community issues as well.

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